MLR - PMP 7/24/14
Major averages rose yesterday on mixed volume. The S&P 500 closed at new highs on lighter volume while the NASDAQ Composite moved up on higher volume and is just a breath shy of new highs.
Facebook (FB) reported after the close, trouncing estimates, which caused the stock to gap higher in after-hours trading. In today's premarket, it is up 7.6% as of this writing. Given that yesterday's action was positive, today's gap up of any magnitude is actionable. Earnings and sales continue to soar, pretax margin 47.7%, institutional sponsorship has grown in every quarter since the stock went public 10 quarters ago, group rank 55.
Telecom cable manufacturer Arris Group (ARRS) had an extended pocket pivot on Tuesday, but on Wednesday, fell on lower, constructive volume. Given its gap up during its prior earnings report and soaring earnings and sales, it is within buying range.
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